Do you live in one of Houston's hot housing markets?
HOUSTON (KTRK) -- Houston real estate is smoking, with homes spending just days on the market; and often, bidding wars break out. But even here, the housing boom is not evenly distributed. There are hot and cold areas for home sales, and we are going to show you both.
We asked the folks at the Houston Association of Realtors to show us where the hot and cold areas of town are, and some may not be where you think.
Garden Oaks, Braeswood Place and Timbergrove/Lazybrook are the hottest selling areas in Houston right now. Homes there last just days on the market and often sell only after a bidding war has broken out. These areas of town are a challenge for buyers.
"When we show the house, by the time we get back to the office to write a contract, they say well we already have seven offers so then we have to go over full price, sometimes $15,000 sometimes $20,000," Realtor Tim Surratt said.
As for prices the average selling price in Garden Oaks is $361,000. In Braeswood Place, it's $713,000 and in the Timbergrove/Lazybrook neighborhood it's $432,000.
So what makes a hot market?
"It's the active listings on market, sales for the past 12 months and any pending listings," HAR chair elect Chaille Ralph said.
As for the slow end of the sales spectrum, you find Medical Center south, south Houston and the north side, which is located in part inside The Loop. Homes there are sitting on the market about six months, and experts say that's not really bad.
"That's always been consider a good market," Ralph said. "Even the cold markets, or cooler markets, are good markets."
As for prices, in the Medical Center south the average sale is worth nearly $70,000, in south Houston the average sale price is $66,000, and in north side it's around $75,000.
We only showed you the markets in the Houston area, but if you live in Galveston or Sugar Land, you can see how your neighborhood stacks up.
action13, jeff ehling
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